Canada has updated the settlement funds requirement for two Express Entry programsNew proof of funds requirement to determine eligibility for Federal Skilled Worker Program and Federal Skilled Trades Program candidates in 2020

Settlement funds are not compulsory for those applying under the Canadian Experience Class (CEC) and those with a valid job offer.

The amount of funds needed depends on the size of the family included on the application. According to Immigration, Refugees, and Citizenship Canada (IRCC), the following family members can be included on an application for Canadian permanent residence:

the principal applicant;

their spouse or partner;

their dependent children; and

their spouse’s dependent children.

Spouses and dependent children must be included on the application even if they are already permanent residents or Canadian citizens, or if they are not coming to Canada with the applicant.

The following amounts have been updated for 2020:

Number of family members

Funds required (in Canadian dollars)

1

$12,960

2

$16,135

3

$19,836

4

$24,083

5

$27,315

6

$30,806

7

$34,299

Each additional family member

$3,492

Canada updates the minimum settlement fund requirements every year. Though the changes may be small, they may affect the eligibility of applicants.